G7 stands for “Group of Seven” industrialized nations.
It used to be known as the G8 (Group of Eight) until 2014 when Russia was excluded because of its annexation of Crimea from Ukraine.
The Group of Seven is the world’s leading industrial countries: United States, Germany, Japan, France, United Kingdom, Canada, Italy.
Why was G7 created?
The G7 was created more than four decades ago as an annual gathering of political leaders to discuss and exchange ideas on a broad range of issues, including the global economy, security, and energy.
France, Italy, Japan, the United Kingdom, the United States, and West Germany formed the Group of Six in 1975. Canada joined the following year.
Russia eventually joined in 1998 and its inclusion was meant as a signal of cooperation between East and West after the Soviet Union’s collapse in 1991.
The G7 is an informal bloc and takes no mandatory decisions, so the leaders’ declarations at the end of the summit are not binding.
Which countries are members of the G7?
The group includes the United States, the United Kingdom, Germany, Canada, Japan, France, and Italy.
As a group, the G7 countries represent about 40% of global GDP and 10% of the world’s population.
The European Union has been involved in G7 work since 1977 and is represented at the summit by the President of the European Commission and the President of the European Council.
The E.U. has gradually been included in all political discussions on the agenda despite not having official member status.
Why was Russia kicked out of the G8?
Russia was kicked out of the then G8 in 2014 after it annexed Crimea from Ukraine, which was seen by leaders as a “violation of Ukraine’s sovereignty and territorial integrity”.
President Barack Obama and other world leaders announced in a joint statement, titled The Hague Declaration, in March 2014 that they would cancel that year’s planned meeting in Sochi, Russia.
What’s the difference between G7 and G20?
They have similar names and similar functions. While the G7 mainly has to do with politics, the G20 is a broader group that focuses on the global economy.
It’s also known as the “Summit on Financial Markets and the World Economy” and represents 80% of global GDP.
It gathers leaders from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, as well as the European Union.
Founded in 1999 after the Asian financial crisis in 1997-1998, the G20 started off as a meeting of finance ministers and central bank governors.
However, as a response to the financial crisis of 2008, the G20 was upgraded to head of state level in an inaugural summit in Washington, D.C.